TCBO FS_IY 2021-2022_Audited

Independent Auditor's RPPoft & Audited Financial Statements of TOA CORPORATION : Bangladesh Office For the year ended 31 March 2022 ACNABIN Cbdftered Acc$wntafits BDBL Bhaban (Level-13 & 15) Telephone: (+88-02) 41A 20030 to 35 (Level-13) 1.2 Kavtran Bazar Commercial Area (+88-02) 8189428 to 29 (Level-15) Dhaka-1215, Bangladesh. Facsimile: (+88-02) 410 20036 E-mail: <acnabin@bangia.neu, I(eb: www.acnabin.com Independent Auditor's RePolt To the General Manager of TOA CORPORATION : Bangladesh Office REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion We have audited the financial statements of 'TOA COR;ORATION Bangladesh Office' (the Branch), which comprise the statement of financial position as at 31 March 2022, and the statement of profit or loss and other comprehensive income and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of TOA CORPORATION : Bangladesh Office' as at 31 March 2022, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as explained in note # 2 to the financial statements. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Branch in accordance with the International Ethics Standards Board for Accountants'Code of Ethics for Professional Accountants (IESBA Code) together with the ethlcal requirements that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion' Emphasis of Matters Without modifying our opinion, we draw attention to the following matters- 1. Note # 2.OZ to the financial statements, where the Branch disclosed the basis of reporting and preparation of the financial statements; Z. Note # 2.72 to the financial statements, where the Branch disclosed the accounting policy of recognizing Property, plant and equipment which is not in line with IAS-16: Proper, plant and equiPment; 1 " P.S::nr*ilt, 'r'l;ffi,Jl"iJi]rlTffi:j 3n353,E-ma,: <acnabin ctg@acnabin.bd com>, web: ivwwacnabin com ACNABIN Cbartered Accauntants Note # 2.24 to the financial statements, where the Branch disclosed the status of work permits/visas of the foreigners as on 31 March 2022; Note # 20.L,20.1,1 and z}.L.zto the financial statements, where the Branch disclosed the basis for computation of the contract revenue; Note # 26.1 to the financial statements, where the Branch disclosed the status update on the issues related to non-submission of the income tax return on time for the financial year 2020-21; and Note # 29 to the financial statements, where the Branch disclosed the compliance status of clause no. 05 of letter # OPN-03Nov2019-00001 dated 05 January 2020, issued to TOA Corporation Bangladesh Office (TCBO). Other Information Management is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor's report thereon. The Branch Office is not required to publish a separate Annual Report and does not publish any Annual Report. As such, our opinion on the financial statements does not cover the other information, and we do not express any form of assurance conclusion thereon since we have not been provided with any such information. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs and other applicable laws and regulations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Branch's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Branch or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Branch's financial reporting process. Auditor's Responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Plisstatements can arise from fraud or error and are 3. 4 5 6. " P,sjss't1l,, ACNABIN Cbartered Accauntants considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements' As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from errott as fraud may involve collusion' forgery, intentionalomissions, misrepresentations, or the override of internal control' Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. ' Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management'S use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertalnty exists related to events or conditions that may cast significant doubt on the Branch's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Branch to cease to continue as a going concern and Evaluate the overall presentation, structure and content of the Branch' financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation' We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS We also repoft that: a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit and made due verification thereof; b) In our opinion, proper books of accounts as required by law have been kept by the Branch in its office in Dhaka; and " P*::sltil,, ACNABIN Cbartered Aecowntants c) The Branch's Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income and Statement of Cash Flows dealt with by the repot are in agreement with the books of accounts. ACNABIN, Chaftered Accountants Dated, Dhaka Signed by: ABM Azizuddin FCA 1 S JAN 2023 Paftner ICAB Enrolment # 0046 DVC : 230t16004645 1 1 1 848 4 c F,sJ:-",r-tlltv ACNABIN Chartered Accountants TOA CORPORATION : Bangladesh Branch Office Statement of financial Position Asof31 March2022 Assets Non-current assets Property, plant and equiPment Right-of-use assets Deferred tax asset Current assets Contract asset Contract receivables Advances, deposits and prepayments Other receivables Construction-in-Prog ress Cash and cash equivalents Total assets Equity and liabilities Non-current liabilities Non-current lease liabilitY Current Liabilities Current lease liabilitY Head office current account Advance amount received from employer Accounts payable Sub-contractor and suppliers retention Provision for exPenses Provision for income tax Other payables Total equity and liabilities Ad ministration Manager Dated: Dhaka 0 I iA[i 2C23 Amount in BDT Amount in BDT 3l March 2022 31 March 2021 100,658,9931 t06,479,723 8,073,2481 9,700,464 7,275 116,007,605 116,180,187 9,244,637,4L6 L,916,959,442 1,456,64 5,354,164 1,a56,6fr 5,3fl,fi4 6,?4r,6n- 4,843,525 L,lgo,gY,o74l 204,89+,265 1,688,108,7481 t,634,6t3,434 34,079,8021 5,480,936 191,209,0161 32,576,611 1,589, L03,78532L1 6,600,668 755,0691 22,595,839 3 4 5 5 7 8 9 10 11 t2.t t2.2 13 t4 15 15 t7 18 19 The accompanying notes and annexures to the financial statements are an integral part of these financial statements. 3,243,180,769 1,97L,605,278 3.244.637,416 1,916,959,442 ACNABIN, Chartered Accountants ABM A7zuddin FCA Paftner ICAB Enrolment # 0046 DVC : 2301160046A51 1 1 848 5 G bakertitty 2,309,051,3331 1,642,422,463 406,970,5r1 ' 6,562,451 1,336, 28,1541 28, 10,3 15,1 4O6,OL7 3681 146,6 3,128,629,8L0 L,800,779,255 NETWORK MEMBER ACNABIN Cbartered Acc*untants TOA CORPORATION : Bangladesh Branch Office Statement of profit or loss and other comprehensive income For the Year ended 3l March2022 Contract revenue Cost of contract Gross profit General and administrative expenses Operati ng profit/ (loss) Other income Finance expense Foreign exchange loss Profit/(loss) before tax Income tax expenses Net profit/(loss) after tax Amount in BDT Amount in BDT 01 April 2021 to 31 March 2022 01 April 2020 to 31 March 2021 4,736,333,963 | t,ss3,729,619 4,31 1,435,890,794 424,299,658 157,838,825 (53,154,515) (16,503,663) 371,,45,144 L4L,335,162 20 2t 22 23 24 25 26 200,762 (21,858,889) (46,082,203) (1,1 14,619) (1,878,940) 3O3AO4,214 138,341,603 (89,909,288) (4,545,735) The accompanying notes and annexures to the financial statements are an integral part of these financial rtabments. 2L3,494,925 L33,795,868 ACNABIN, Chartered Accounta nts ffiFea Patner ICAB Enrolment # 0046 DVC : 230t150045AS LLL848 G bakertitty Administration Manager Dated: Dhaka 0 B jA|i 2023 General Manager NETWORK IV]EMBER ACNABIN Ch arter e il Accountants TOA CORPORATION : Bangladesh Branch Office Statement of cash flows For the Year ended 31 March2022 Cash flows from operating activities Net profit / (loss) after tax Depreciation exPense Cost incurred by head office during the year \2'2 Interest not paid in cash Gain from termination of right-of-use (Increase)/decrease in deferred tax asset (Increase)/decrease in contract asset (Increase)/decrease in contract receivables (Increase)/decrease in advances, deposits and prepayments Increase/(decrease) in accounts payable Increase/(decrease) in sub-contractor and suppliers retention Increase/(decrease) in provision for expenses Increase/(decrease) in provision for income tax Increase/(decrease) in other payables Net cash used by operating activities (A) Cash flows from investing actavities Purchase of non-current assets Construction-i n-progress Net cash used in invesung activities (B) Cash flows from financing activities Advance amount received from employer by Branch Office Operational fund borrowed from head office Lease liability payment Net cash used in financing activities (C) Net increase in cash and cash equivalents D-(A+B+C) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the period 74.3 L2.l The accompanying notes and annexures to the financlal statements statements. are an integral part of these financial Amount in BDT Amount in BDT 01 April 2O2l to 31 March 2022 01 April 2O2O to 31 March 2021 t0,722,978 152,218,058 t,r14,619 (1,593,729,619) (t78,260) 5,480,936 32,576,61t 4,545,735 5t,721,550 237,710,923 774,167 (200,162 (7,27s,36s (666,628,870, (t,400,729,968 (s,22s,gts 28,598,866 158,632,40s 1,589,066 97,184,653 259,340,4t Administration Manager Dated: Dhaka 0 0 iAll 20?3 G bakertitty NETWOR( MEI,,]BER ACNABIN Cb arter e il Accountants TOA CORPORATION : Bangladesh Branch Office Notes to the financial statements As of and for the year ended 31 March 2022 1.OO Legal status and nature of operaUon 1.01 Background ofToA corporation and its Branch office in Bangladesh TOA CORPOMTION is a company incorporated in Japan and engaged in the business of contracting, planning, designing, execution and supervision of civil engineering and architectural works; including consulting ,"*i."r, Head office of the company is located at3-7-t, Nishi-Shinjuku, Shinjuku-ku, Tokyo 163-1031, JaPan' It started its business in Bangladesh by opening a Branch office namely TOA CORPORATION : Bangladesh Branch Office (hereinafter mentioned as TOA' or 'the Branch'). It obtained permission for opening and operating Branch office in Bangladesh from the Bangladesh Investment Development Authority (BIDA) vide Ref. No. OPN-03Nov2019-00001 dated 05 January 2020 for a period of three years with effect from 14 November 2019 and further extended the permission for another two years vide ref. No. OPN-I1Sep2022-OOOO2 effective from 15 November 2022' l.O2 Registered office The registered office of the Branch is located at Concord Colosseum, 156/E Kemal Ataturk Ave, Dhaka 1213, Bangladesh. 1.O3 Activities of the Branch The Branch is currently undertaking the project called 'Procurement of Land Development Works for Bangladesh Special Economic Zone Development under Foreign Direct Investment Promotion Project'. The Branch was appointed by Bangladesh Economic Zones Authority (BEZA) to develop land in Narayanganjt Araihazar to set up a dedicated industrial park for Japanese investors. The project is jointly financed by the Government of Bangladesh and Japan International Cooperation Agency (JICA). The Branch is also undertaking the project called 'Construction and control service of BHL factory expansion project referred as "(Step-2)". The Branch was appointed by Bangladesh Honda Private Limited (BHL) to implement the project, 2,OO Basis of preparation & presentation of, and disclosures in, financiral statements 2,Ol Statement of comPliance The financial statements have been prepared on going concern basis following the accrual basis of accounting (except for statement of cash flows) in accordance with the International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) except for the International Accounting Standard (IAS) 16: Propetty, Ptant & Equipment which was not followed properly. 2.O2 Basis of repofting and preparation of the financial statements The Branch prepares the financial statements in compliance with the requirements of International Accounting Standard (IAS) 1: Presentation of Financial Statements, It maintains the ledgers on the cash basis of accounting instead of the accrual basis of accounting. The accounts are then converted into accrual basis of accounting by manually passing the adjucting journal entries without ledger posting for the same. The financial statements of the Branch are then prepared and presented in accordance with IAS 1. 2.O3 Components of the financial statements The financial statements referred to here comprtse: a) the statement of financial position; b) the statement of profit or loss and other comprehensive income; c) the statement of cash flows; and d) the notes to the financial statements. 2,O4 Reporting period The financial statements have been prepared from 01 April 2021 to 31 March 2022 to be in line with the reporting period of the parent company. The accounting period ends on 31 March each year' The Branch has obtained due permission from the income tax authority in this regard. 2.05 Date of authorization These financial statements have been authorised for issue by the management of the Branch on 08 )anuary 2023 " P*::s'-tll,, ACNABIN Chartered Accauntants 2.06 Application of standards The following IASS and IFRSs statements: are applicable for the preparation and presentation of financial Regulatory compliances The Branch is required to comply with the following major laws and regulations along with others as i, The Companies Act, 1994; ii. The Bangladesh Investment Development Authority (BIDA) regulations and guidelines; iii. The Income-tax Ordinance, 1984 and its Rules thereto; and iv. The VAT and Supplementary Duty Ad.,2012 and VAT and Supplementary Duty Rules, 2016. Functional and repofting currency These financial statements are presented in Bangladeshi Taka (BDT). All financial information presented has been rounded off to the nearest integer. Foreign currency transation The balance sheet items of the Branch are translated into BDT at the rate of exchange in effect at the balance sheet date. The income statement items for each current month are translated into BDT using the rates of exchange in effect at end date of the preceding month. 2.07 2.O8 2.O9 Sl. No. Name of IAS/IFRS IAS / IFRS Status 1 Presentation of Financial Statements IAS 1 Complied 2 lnventories IAS 2 N/A J Statements of Cash Flows IAS 7 Complied 4 Accounting Policies, Changes in Accounting Estimates and Errors IAS 8 Complied 5 Events after the Reoortinq Period lAS 10 Complied 6 lncome Taxes IAS 12 Complied 7 Drooerw, Plant and Equipment IAS 16 8 lmplovee Benefits IAS 19 Complied 9 Accountrng tor bovt. Gran6 ano olsclosures or (low, Accict2naa< IAS 20 N/A 0 The Effects of Chanqes in Foreign Exchange Rates IAS 21 Complied Borrowing Costs IAS 23 N/A 2 Related Partv Disclosures rAs 24 Complied J Accountinq and ReDortinq by Retirement Benefit Plan IAS 26 N/A 4 Consolidated and Separate Financial Statements IAS 27 N/A 5 lnvestments in Associates IAS 28 N/A 16 Financial Instruments: Presentation IAS 32 N/A t7 Earninqs Per Share IAS 33 N/A 1B lnterim Financial Reportinq IAS 34 N/A 19 Impairment of Assets IAS 36 Complied 20 Provisions, Continqent Liabilities and Continqent Assets IAS 37 Complied 2t Intanqible Assets IAS 38 N/A 22 Financial lnstrument: Recoqnition and Measurement IAS 39 N/A Z5 Investment Property IAS 40 N/A 24 Aqriculture IAS 41 N/A 25 First-time Adoption of International Financial Reporting Standards IFRS 1 N/A 26 Share-based Payment IFRS 2 N/A Business Combinations ' IFRS 3 N/A 28 [nsurance Contracts IFRS 4 N/A 29 Non-current Assets Held tor 5ale and ljrscontrnueo Oneratinns IFRS 5 N/A 30 Exploration for and Evaluation of Mineral Resources IFRS 6 N/A J1 Financial Instruments: Disclosures IFRS 7 N/A 5Z rDeratinq Seqments IFRS B Complied ?? Financial Instruments IFRS 9 N/A 34 Consolidated Financial Statements IFRS 10 N/A 35 loint Arranqements IFRS 1 N/A 36 Disclosure of Interests in Other Entities IFRS 12 N/A )t Fair Value Measurement IFRS 13 Complied 38 Regulatory Deferral Accounts IFRS 14 N/A 39 Revenue from Contracts with Customers IFRS 15 Comp!491 40 Leases IFRS 16 Complied " P,sl:s'trl,, ACNABIN Cbartered Accowntants 2.lO Use of estimates and judgments The preparation of financial statements require management to make judgment, estimates and assumptions that affect the application of accounting policies and the reported amounts of its assets, liabilities, income, expenses and disclosure of tlrc contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates' Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future period affected. z.LL Cash and cash equivalents cash and cash equivalents include notes and coins in hand and cash at bank. 2,12 Property, Plant and equiPment Items of property, plant and equipment are stated at cost less accumulated depreciation, and accumulated impairment losses, if any. The cost of an item of property, plant and equipment comprises its purchase price, import duties and non-refundable taxes, after deducting trade discount and rebates, and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the intended manner' Depreciation is charged on all the assets in straight line method when the assets are available for use. The rates of depreciation are as follows: Name of Assets Rate of Depreciation (per annum) 3uildings and Temporary structure 40.00o/o Votor Vehicle 20.000/o iurvey Equipment 70.00o/o :lectric Equipment 20.000/o lffice Equipment 20.00o/o Software 33.330/o However, the Branch does not follow International Accounting Standard (IAS)-16 for recognition of Property, Plant & Equipment properly. The Branch follows the poliry of recognizing assets as non- current assets whose cost exceeds Japanese Yen 200,000 (equivalent to BDT 140,000 approx.). Assets which cost below the stated threshold are recognised as expense for ensuring consistency with the head office accounting policy. Right-of-use assets TOA CORPORATION : Bangladesh Branch Office assesses whether a contract rs or contains a lease based on the definition of a lease provided in IFRS 16: Leases. During the year, TOA CORPORATION : Bangladesh Branch Office evaluated all types of contracts to assess whether a contract is or contains a lease at the date of initial application. According to IFRS 16, TOA CORPORATION : Bangladesh Branch Office recognizes right-of-use assets and lease liabilities for all leases. At recognition, right-of-use assets were measured at the present value of the lease payments and advance deposits, discounted at the Branch's incremental borrowing rate (i.e. 9%) from the commencement dates of respectivet agreements. Lease liabilities were measured at an amount equal to the right-of-use assets, adjusted by the amount of prepaid or accrued lease payments (if any). At inception of a contract, TOA CORPOMTION : Bangladesh Branch Office assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange of consideration. The contract with a lessee conveys the right to control the use of identified assest for a period of time. In this case an entity shall assess whether the entity has the right to direct use of an asset throughout the period of use only if either: a) the customer has the right to direct how and for what purpose the asset is used throughout the period of use; b) the relevant decision about how and for what purpose the asset is used are predetermined and: i) the customer has the right to operate the asset throughout the period of use, without the supplier having the right to change those operating instrucitons; or ii) the customer designed the asset in a way that predetermines how and for what purpose the asset will be used throughout the the period of use. G bakertitty NETWORK MEMBER 10 ACNABIN Cbartered Accauntants TOA CORPORATION : Bangladesh Branch Office being a Lessee TOA CORPOMTION : Bangladesh Branch Office recognizes a right-of-use asset and a lease liability from the beginning of the Branch. The right-of-use assets are initially measured at cost, which comprise the initial amount of the lease liabilities adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying assets or to restore the underlying assets or the sites on which these are located, less any lease incentives received and present value of lease payments and advance deposits, discounted atTOA CORPOMTION : Bangladesh Office's incremental borrowing rate (i.e. 9%). The right-of-use assets are depreciated using the straight line method from the commencement dates of respective agreements to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the right-of-use assets are periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liabilities. The lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement dates of respective agreements, discounted using the interest rates implicit in the leases or, if that rate cannot be readily determined, the Branch's incremental borrowing rate. The lease liabllities are measured at amortized cost using the effective interest method. These are remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Branch's estimate of the amount expected to be payable under a residual value guarantee, or if the Branch changes its assessment of whether it will exercise purchase, extension or termination option. When the lease liabilities are remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. 2.14 Contract revenue Contract value is the amount specified in the contract, subject to variations in the contract work, incentive payments and claims. The contract revenue is measured at the fair value of the consideration receivable. The percentage of completion method is an application of the accrual basis assumption. Contract revenue is matched to the contract cost incurred in reaching the stage of completion. Revenue is attributed to the propoftion of work completed, which is calculated in the following manner: Percentage of work completed = Contract cost to date Total estimated cost to complete the contract 2,15 Contract cost Contract costs consist of: i. Cost relates directly related to the contract; ii. Cost attributable to general contract activity which can be allocated to the contract; iii. Any other cost which can be charged to the customer under the contract. The contract cost is recognized as an expense in the reporting period in which the work to which they relate is performed. TOA CORPORATION : Bangladesh Branch Office currently executing two projects. Hence, income and expenses are repoted according to the segments. The direct costs are recognized in the financial statements at actual. The common costs are allocated between the proejcts according to the proportion of the direct costs incurred for the respective proejcts. z,LG Contract asset Contract asset represents the right to receive the payment in exchange for performance obligation that has been transferred to the customer and that right is subject to any condition on something other than the passage of time. The Branch is entitled to raise the invoice for payment when the specified criteria as mentioned in the contract agreement are met. 2.t7 Contract receivable/amount due from customer Contract receivable is the right to receive payment from the customer that is unconditional except for the passage of time. Contracts receivable represent the uncollected amounts on construction contract rn progress. G bakertitty NE \ryORK MEMBER 11 ACNABIN Cbartered Accountants 2,18 Advances, deposits and prepayments Advances are initially measured at cost. After initial recognition, advances are carried at cost less ad'iustments or charqes to other account heads. Deposits are measured at payment value' prepayments are initially measured at cost. After initial recognition, prepayments are carried at cost less charges to profit or loss and other comprehensive income' 2.tg Provisions provisions are recognized when the Branch has a present obligatlon as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. if a transfer of economic benefit is no longer probable, the provision is reversed. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditure required to settle the obligation. 2.2O Events after the reporting period Events after the reporting date that provide additional information about TOA CORPORATION:' Bangladesh Office's financial position at the reporting date are reflected in the financial statements. Events after the reporting period that are non-adjusting events are disclosed in the notes when material, 2.2L Correction of errors If any error is identified to have taken place in previous years, management corrects the same as per IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors. 2.22 Related pafi disclosure The entity has entered into transactions with other entities in normal course of business that fall within the definition of related party as per Interntaional Accounting Standard 24: Related Pdrty Disdosures. 2.23 Statement of cash flows Statement of Cash Flows is prepared in accordance with IAS 7: Statement of Gsh Flows. The statement shows the pattern of changes in cash and cash equivalents during the reporting period. Statement of cash flows has been prepared under indirect method. 2.24 Status of work permits/visa of the foreigners at on 31 March 2022 Foreign employees involved in TOA CORPORATION, Bangladesh Offlce and Construction and Control Service of BHL Factory expansion project referred to as"(Step-2)" had E visas as of 31 March 2022were recommended by Bangladesh Investment Development Board. Foreign employees involved in Procurement of Land Development Works for Bangladesh Special Economic Zone Development under Foreign Direct Investment Promotion Project had A3 visas as of 31 March 2022. These VISAS were recommended by Bangladesh Economic Zones Authority (BEZA). In Bangladesh, A3 visa is issued to expets / advisers / officials / staff members / labors working on any project under the bilateral / multilateral agreement betvveen Bangladesh Government and development partner agencies. G bakertitty NETWORK MEMBER 1.2 ACNABIN Cbarlered Accountants 6.1 Property, plant and equipment A, Cost Opening balance Addition during the year Disposal during the year Closing balance B. Accumulated depreciation Opening balance Charged during the year Depreciation of disposed assets Closing balance C. Carrying amount (A-B) A schedule of property, plant and equipment is presented Right-of-use assets A. Cost opening balance Addition during the year Terminated during the year Closing balance B. Accumulateddepreciation Opening balance Charged during the year Depreciation of terminated assets Closing balance C, Written Down Value (A-B) A schedule of right-of-use asset is presented in Annexure - B Contract asset Opening balance Contract revenue recognized during the year (Note # 20) Bills raised during the year (Note # 6.1) Closing balance Bills raised during the year To BSEZ To BHL Contract receivables Opening balance Bills raised during the year Bills received during the year Total Advances, deposits and prepayments Opening balance Payments during the year Adjusted during the year Closing balance Amount in BDT Amount in BDT 3l March 2O22 31 March 2021 @ | 40,710,160 | lo4,s2s,s88 | L52,755,748 112,045,588 @ in Annexure - A 1,642,422,463 | 48,692, 4,736,333,963 | 1,s93,729,619 333 L,642, 4,069,705,;% I 406,970,slr ' 8,O73,A8 9,700,464 st. No. Particulars Accountrng base Tax base Taxable/ (deductible) .liflaren.e Deferred tax (asset)/ liability 1 PPE 87,008,491 773,372,920 (26.304,429 (7 33,778 2 Unabsorbed deprecjation 53,243 (s3,243) 74,642 3 Loss from business/profession 98,207 (98,201 27,005 Total a7,oo8,491 113,464p64 (26,455t874) (7,275,365) G F,sh-",r-trltv 46,200,109 | S,+:r,st0 ffi 4,069,705,O93 I,JJb,5JU I - s,z2s,sts I r,::s,s:o -t 13 ACNABIN Chartered Accauntants Amount in BDT Amount in BDT 31 March 2022 31 March 2021 8.1 Advances, deposits and prepayments Advance and prepayments Security deposit Advance income tax Closing balance Other receivables Jamuna site fund Closing balance Co nstru cti o n - i n - pro gress Opening balance Addition during the year Transfer to PPE during the year Closing balance Cash and cash equivalents Cash in hand 998,766 | 1,ss1,s3o I t,::o,s:o 012,149 10 11 Cash at bank (Note # 11.1) Closing balance 11.1 Cash at bank Name of the Bank Standard Chartered Bank Standard Chartered Bank Standard Chartered Bank Closing balance t2.t L2.2 13 Account No Currency 01130989801 BDT 01130989802 BDT 01130989803 BDT Note L2.t 12,2 12,3 11,1,1 Cash at bank (Standard Chartered Bank) comprises the account maintained by the Branch in Bangladesh. JPY poriton of the advance/payment is received in the Head Office's own bank account in lapan as no separate bank account was maintained for the Branch in lapan (please see note # 13.3). tZ Lease liability Opening balance Addition during the year Interest expense Payment during the year Terminated during the year Closing balance Classification of lease liability Non-current lease liabilitiy Current lease liabilitiy Closing balance Head office current account Opening balance Operational fund borrowed from Head Office Costs incurred by Head Office Bills received from employer by Head Office Prior year adjustment Profit/(Loss) for the year Closing balance 13.1 Operational fund borrowed from Head Office represents the non-lnterest bearning funds borrowed by TOA Corporation: Bangladesh Branch Office from its Head Office for completion of the projects in Bangladesh. 13,2 Costs incurred by Head Office comprise the costs in connection with the projects and the Branch. 13,3 TOA CORPORATION received interim payments amounting to )PY t,046,944,722 and BDT 2,615,789,867 respectively from BEZA in the year ended 31 March 2022 according to the Contract (please see note # 13) JPY portion of the interim payments was received by the Head Office in Japan which were received in the Head Office's own bank account as no separate bank account is maintained for the Branch in Japan (please see note # 11.1.1). t7,062,157 282,643,403 745,777,770 ,894,265 | 58,ss3,399 t,s28,B94,2OOl +ZA,V+,US 237,770,9231 152,218,0s8 (9e3,7s9,4s8)l $66,647,40s (330,78 1) 2t3 " p*i:sl,ril,, 10,3 15,150 74 ACNABIN Chariered Accowntants Amount in BDT Amount in BDT 31 March 2022 31 March 2021 L4 Advance amount received from employer I4.7 Received in Bangladesh by the Branch fromBEZA t4.2 Received in Japan by the Head Office from BEZA 14.3 Received in Bangladesh by the Branch from BHL Closing balance BEZA". No other payment is received in the year ended 31 Marci 2022' TOA CORPORATION claimed BDr 57,507,463 including applicable TAx and vAT from BHL as advance vide invoice ToA-BGD-BRN-2022001 dated 03 January 2022 in accordance with the provisions ofthe contract. 15.1 Payable to sub-contractors, suppliers and service providers 3D Consultants ACNABIN Chartered Accou ntants Allied Trade Link Digi Net Dusk Technologies M/S Fabricators & Patners M/S. Shahjalal Gas & Filling Station Mushasi Bangladesh Japan Ltd. Narayanganj Palli Bidyut Prosoil Foundation Consultant Shah Cement Industries Ltd. Tokyo Consulting Firm US-Bangla Medical College Hospital CMSS Consulting Limited ft Taiga Smaft Technologies BD Ltd. Trips Advisor Aziz & Company Ltd. Bangladesh Environmental Engineering Training & Lab Services Ltd, Mirpur Concrete Ready Mix Plant My Sheba Japan Medical Centre RFL Plastic Ltd. Sanyo Engineering & Construction Inc. Yamagata Dhaka Friendship Hospital Sikder Women's Medical College & Hospital VAT Payable Closing balance Sub-contractors and suppliers retention Next Spaces Limited Geoharbour UQ.DB-DD JV Closing balance 17 Provision for expenses Opening balance Provision for the year l7.L Payment during the Year Closing balance 232,7L0 1,673,435 200,056 61,183 234,r50 51,430 590,000 2L,400 4t5,234 438,555 929,965 92,700 374,500 532,838 1,673,435 4,t52,638 626,686 2,370,766 54,050 148,308 5,364,725 60,732 97,000 242,374 3,072,793 4,364,969 4,847,000 27,819 t29,622 qq r?R 324,000 " P.slf.",1t11,, 15 ACNABIN Cbafiered Accowntants Other payables Withholding VAT payable Withholdinq tax payable Welfare expense payable Power, fuel and utilities payable Salary payable Closing balance Amount in BDT Amount in BDT 31 March 2022 31 March 2021 17.l Provision for the year Provision for audit fee Provision for consultanry fee Closing balance Provision for income tax Opening balance Provision for the year Payment during the year Closing balance 18.1 The tax provision was kept in accordance with the provisions of Income-tax Ordinance, 1984 as the management of the Branch is yet to receive the income tax exemption by an SRO. However, the management of the branch is confident that the branch will be able to avail the exemption from income tax on this project by any Gazette Notification/Statutory Regulatory Order (SRO) from the Govemment of Bangladesh. 1,361,893 | t,At+,s+z 24,739,469 | 20,625,456 s4,320 | 43,646 | s0,139 741 G,b,sisr-liltv 97,184,5s3 | 4,s4s,735 -t 16 qflEEiEEEEI ddl iaH;t ig rg ffil Ea ErE ii gi III Ei iE; t, E FE lt pu F:E EE * sE $dI;HtaaEEegE 331;f?g€EEEEE; r'l3l;E EHe pE, E r[E qt]l a$ EEE EE E* EEE lqEEEiEEIIEEIE r r s[ E!E i* En [;; -H1 g;!"EE 3} iRg orF >5q nE -o. l' :.8: EA sl"g fg EA ESE -E{ e}t EE 3= E;: = ;$ gEE iE EE EiE *i fE :;? ;i +q ,E6g ai Es e;E ;r rs E3E ;!ggEEEEEBEEIE :: HR lY, to t 6l t',1 + \o F{ (Yt lD + t''l \t N \i ro t ro ]a @ (Y) 'o 1,} ar! o (Yl o' rO iO ]a (v! ro m o '1 c'{ ii do NN -o k",o o EO o:B EO =!x oP + u =U =X ! = 69 , I I ?o - = E Y= E U EE =EEs EE e .. o ! u ! = I EE EE.EE F- iE -tE:r ;es *E E.:[ggs:Hs- EL ESg:_ag:08 s"suEEiEgEHp! t c; oh r Nh r mo € d-6 A oo v iN f riri v to c iN G OA 6 o n d + rl + LN ul lo mn 60 <-N ri N- oH <-o N- N- NO orq hi s ro e la on r Nn r mo G <jut A oo t :N f riri v +o q Hr q OA 6 6 u'l lD n rl <f la n lo mh no d-N ri rr' oi d-o NN NO q d-- OH s \o q la ohoN @hNN @oN@ hn@N hoNn NNON d-nmh ooo@ @N@@ ON il rn tYl d 6 N ,d @ o: NO NO MN nh no NO MO m@ N- ri s @ oi ohmN NhNN moN@ <-n6N ooNh HNON n6mh <-oo@ iN@@ ON o tl h \o o o tY, N@ H@ d oo- no o@ dd OO @@ @' ri i or q D o <- ur @ o- o m N Nh qo oi oi os NO N s ; ACNABIN Cb arter e d A c coatnt ants o o) >* 9ry 6U L6 o5 UU o N d l.,l o I L E = il ar) o P o l',1 o l.,l G F*hs'-tiltv N o- OO zN a ACNABIN Cb arter eil Ac co*ntants o ao .E E = o E I o E U L G = I lo .s E o E o E G E o E u tt) o J E o c + c c E o o o N o N L o o F o o ; c = o E N o N L o = o ri N o N L o. r{ o F o to .E , 5 o E N N o N E I L 6 = o ri N o N L c! 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EuC," H H , Ed : gg:E=q qp,HpE + E g h: E g!i. o-El 'o!{x'.EE+E5E 9 iEEE; E-E e_E,=*EEE-;EiCgEgg rErE g;E EE EFi E E gsE $ EEgF5#E EEEE gE G bakertitty NE I WORK MEMBER ACNABIN Cbartered Acc*untants I b 8- =^ 9E {-r- \o .9 .= q Eg 'EP Xl a 6 Etlo ;i u 6 v= ar9 E ggg EiD 9E EEE Eg EE i3.8 VE uE aixx 6= eF -o ': E Uuu Erc =o Eoo .;o .E.= PbU gE {i o .==-- o o O(, L:ts rL ! C G c a E o E o ! ! C o c o E o o o .E o = 'o o c o E ) c U o E o @ = o a ! .E o U g c o o t o .= ! .E .a E o .= o ! f CO oE o9 E6 d- x'if oE .,6 .>5 CH b: '=@ 'E> Et otj co o_ P= 9o o.: q.E oo -o 6 o 6 c-.o orll9 ElEb 4a6- oo= q,d50 E E E gE B n fi IcrU .X E 'E E ts L.9. -c @ .= c c tr.? F - E o'E o E & E EEE E. EHE .,. E E od : *;E !9qe== gE q t ets Ec!EyFE Hg:ER:=eE E E g'0P ;d:-Eai ;:EnqE=?+ o E sE E = s E;;eE€EEi"E.i:f iExl CE; E E5.s BE P H g gEEEES*E:* E E E 3 ; E 5 E E r # 5 E E gphE; E E9 ! g E s 8- EHAEHRSfiBF BEHBgF fi @i@Nh@Nh@m imNNolo n 6 h+N;HN-o io@Nh@ !n - di orh-N N@$Om N <-oh@onmm@ m@(oNoo !-! 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